The accounting industry has been under the reign of technology for some time now.
And, whether you are a small business accountant or work for a large enterprise, there is always something new to learn when it comes to managing your business, clients, and finances in the face of technology.
With a growing need to always look for opportunities to increase productivity and efficiency in businesses, the role of technology in accounting is now more important than ever.
From cloud software to virtualisation and security, with the help of technology, accounting services are now more advanced than ever before
Here are the top tech trends in the accounting sector.
While the internet and computers have been around for many years now, some companies are yet to take full advantage of cloud computing and its many services and capabilities.
Often people and companies don’t see cloud computing for anything more than data storage and off-site work capabilities, but cloud-computers are rapidly changing the face of accounting and revolutionising the efficiency of many tasks.
Cloud computing software in accounting can provide users with real-time visibility, automate workflows, track cash flow, automate repetitive admin tasks and greatly improve efficiency and client satisfaction.
Mobile Accounting Apps
These days most people don’t go anywhere without their phones and as technology advances, we rely on our mobile devices to perform more and more tasks.
And, accounting is no exception.
While desktop computers may be typical for large office spaces,
mobile accounting apps offer greater accessibility and convenience.
With a growing need to have everything at our fingertips, many small business owners and sole traders are switching to mobile accounting apps or accounting firms that offer app technology.
App-Based Expense Management
Keeping track of business expenses has never been an easy task.
Even with computers and expense management software existing for many years now, some companies still struggle to accurately record all company and employee expenses. Especially if a missing receipt is involved.
And, this certainly didn’t make the job for the accountant any easier.
Fortunately, app-based expense management technology is leading the charge when it comes to solving this issue.
Expense management apps can provide businesses and accountants with digital smart receipts, transaction data and purchase information, internal budget policy checks, and the ability to pre-authorise reimbursements or make reimbursements at the touch of a button.
Applied Artificial Intelligence
Experts at McKinsey Digital say we are a long way away from understanding and reaching the true potential of what Artificial Intelligence (AI) will be capable of doing.
Despite this, AI is one tech trend that is already significantly changing the face of accounting and accounting services.
AI in accounting is already being used to automate many repetitive admin and accounting tasks such as:
- Automatically produce and process document
- Record and analyse data
- Automate data entry
- Generate invoices
- Bookkeeping tasks
- Analyse financial data
- Financial forecasts
- Process data
- Account reconciliation
- Expense tracking and comparison
The online accounting space has been developing at a rapid pace over the past decade and the next decade should see technology making even greater strides in the industry.
With new AI-based tools able to handle a wider range of tasks, the accounting technology will reduce costs, improve efficiency and allow accountants and their staff to be far more productive than they’ve ever been before.